Corning Incorporated (NYSE:GLW) Shares Acquired by National Bank of Canada FI

National Bank of Canada FI lifted its position in shares of Corning Incorporated (NYSE:GLW) by 27.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 570,161 shares of the electronics maker’s stock after buying an additional 123,929 shares during the period. National Bank of Canada FI owned approximately 0.07% of Corning worth $19,476,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Cape Investment Advisory Inc. increased its holdings in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares during the last quarter. Access Investment Management LLC acquired a new stake in Corning in the 1st quarter valued at approximately $28,000. EverSource Wealth Advisors LLC increased its holdings in Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 823 shares during the last quarter. Emfo LLC acquired a new stake in Corning in the 4th quarter valued at approximately $33,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in Corning in the 1st quarter valued at approximately $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity at Corning

In related news, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the sale, the vice president now directly owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Corning news, VP Martin J. Curran sold 16,416 shares of Corning stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the transaction, the vice president now directly owns 65,598 shares in the company, valued at $2,210,652.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The disclosure for this sale can be found here. Insiders sold a total of 175,207 shares of company stock valued at $5,876,067 over the last ninety days. Insiders own 0.40% of the company’s stock.

Corning Stock Down 0.2 %

Shares of Corning stock traded down $0.11 during trading on Wednesday, hitting $43.95. 7,186,618 shares of the stock were exchanged, compared to its average volume of 5,974,924. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39. The stock has a market cap of $37.65 billion, a price-to-earnings ratio of 61.90, a price-to-earnings-growth ratio of 1.64 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The firm’s 50-day moving average price is $39.55 and its 200 day moving average price is $34.75.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the previous year, the company earned $0.41 earnings per share. Corning’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, analysts forecast that Corning Incorporated will post 1.94 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a $0.28 dividend. The ex-dividend date is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.55%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on GLW shares. JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $37.00 to $43.00 in a report on Thursday, May 30th. Susquehanna reissued a “positive” rating and issued a $40.00 price target on shares of Corning in a research report on Monday, April 1st. Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $39.00 to $46.00 and gave the company a “hold” rating in a research report on Tuesday, July 9th. Argus raised their price target on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Finally, Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Corning has an average rating of “Hold” and an average price target of $43.38.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.